A few days into 2023, the cryptocurrency market once again portrayed investors’ caution and lack of confidence in what is to come in the coming year, which may be characterized by a global recession due to multiple impacts on the macroeconomic scenario, many of which are inconsistent with normal situations, such as stagflation, an unfavorable combination Possible from inflation and lower economic activity. With the Federal Reserve (Fed), the US central bank, “showing its claws” for the coming year by raising interest rates to contain inflation, the cryptocurrency market moved $812 billion (+,02%) on Tuesday morning(27).
Bitcoin (BTC) continued sideways around $16.8K (+0.2%) and accounted for 40% market dominance, while most of the major altcoins by market capitalization showed increases that did not reach 1%, with the exception of XRP, which traded at $0.37. (+6%), ADA, trading at $0.26 (+1.8%), MATIC, trading at $0.81 (+2.2%), DOT, trading at $4.56 (+1.7%), and LTC, trading at $70.45 ( +1.7%).
In terms of double-digit highs, REN was valued at $0.078 (+26%), GTN accounted for $0.26 (+55%), AMPL was valued at $1.43 (+10.8%), and DREP accounted for $0.31. . (+14%), KAN was priced at $0.0012 (+27%) and GARI was flat at $0.0053 (+35%).
Trading at $0.0027 (+70%), Velo (VELO) was one of the standouts. The token is used in a cross-border payments protocol, mainly in the Asia-Pacific region, Velo Labs.
VELO/USD daily chart. Source: CoinMarketCap
As you can see in the chart, the daily performance of the token correlates with the VELO listing announcement on cryptocurrency exchanges Crypto.com, Huobi, and Poliniex. In addition to the list, the Velo Labs partner Velo Labs, creator of the international payments platform Light Group, fintech Light Group, announced last Monday (26) that it has received $50 million from investment group LDA Capital.
👉🏼 3 new listings on the world’s top stock exchanges, including https://t.co/NTsCd0TbsC, Huobi, and PolinieX.
Trade VELO/USDT on 👇🏼
– Huobi: https://t.co/gslOqHe8bE
– encryption. com: https://t.co/q9JGN2hoX4
– PolinieX: https://t.co/gwVoxbN5PC
– Velo Official (velo protocol) December 25, 2022
Seemingly in a different state, i.e. without anything that could be correlated to the rally, an unknown cryptocurrency is up 105% with Bitcoin sideways amid recession risk, as reported by Cointelegraph Brasil.